| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Magnetation LLC > News item |
S&P downgrades Magnetation
Standard & Poor’s said it lowered the corporate credit rating on Magnetation LLC to D from B-, along with the ratings on the company’s debt issuances to D from B-.
The downgrade follows the company’s filing of a petition under Ch. 11 of the U.S. Bankruptcy Code, S&P said.
The D rating reflects the company’s default due to the filing, the agency said.
The company intends to work with creditors to restructure its balance sheet, S&P said.
The agency said the company has entered into an agreement with certain noteholders on a $135 million debtor-in-possession secured credit facility, which it expects will be sufficient to support operations during the restructuring process.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.